(COMTEX)
B: Environmental Solutions Worldwide, Inc. Settles Litigation ( CCNMatthews )
TELFORD, PENNSYLVANIA, May 16, 2005 (CCNMatthews via COMTEX) -- Environmental
Solutions Worldwide Inc. (ESW) (OTCBB:ESWW), announced today that all claims
against the Company in two separate actions that were pending in the Ontario
Superior Court of Justice have been discontinued.
Under the terms of the Minutes of Settlement the Company was not required to
make any payments to any party and received general releases from all parties in
both the Royal Extruders v. Environmental Solutions Worldwide et. al. and Bruno
Benjamin Liber v. Environmental Worldwide et al. actions.
David J. Johnson., ESW's Chief Executive Officer, President and Acting Chief
Financial Officer, commented, "the Company and our entire management team is
pleased that these matters have been resolved. The uncertainty that comes from
any litigation is both a distraction and detrimental to our customers, employees
and shareholders."
Mr. Johnson further stated that "the discontinuation of these matters coupled
with the dismissal by default without cost of the Gerardi Statement of Claim
seeking damages of $100,000,000 and punitive damages of $20,000,000 ends all
litigation that was pending against the Company. We are excited to have these
matters behind us, and for the Company to now be able to more acutely focus our
efforts in carrying out our business plan."
About Environmental Solutions Worldwide Inc.
With headquarters in Telford, Pennsylvania Environmental Solutions Worldwide is
a an ISO 9001:2000 certified publicly traded company engaged through its
subsidiaries in the design, development, manufacture and sale of environmental
technologies currently focused on the international automotive and
transportation industries. ESW currently manufactures and markets a line of
catalytic emission control products and catalytic conversion technologies for a
multitude of applications.
For updated information, please visit the Company's Web site at:
www.cleanerfuture.com
Safe Harbor
This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 (The "Act"). In particular,
when used in the preceding discussion, the words "pleased" "plan," "confident
that," "believe," "expect," or "intend to," and similar conditional expressions
are intended to identify forward looking statements within the meaning of the
Act and are subject to the safe harbor created by the Act. Such statements are
subject to certain risks and uncertainties and actual results could differ
materially from those expressed in any of the forward-looking statements. Such
risks and uncertainties include, but are not limited to, market conditions,
general acceptance of the Company's products and technologies, competitive
factors, the ability to successfully complete additional financings and other
risks described in the Company's SEC reports and filings.
CONTACT: Environmental Solutions Worldwide, Inc.
Investor Relations
1-905-850-9970
investors@cleanerfuture.com
Copyright (C) 2005, CCNMatthews. All rights reserved.
NEWS RELEASE TRANSMITTED BY CCNMatthews
-0-
INDUSTRY KEYWORD: EVT - Environment
SUBJECT CODE: LAW - LAW/LEGAL ISSUES
*** end of story ***
B: Environmental Solutions Worldwide, Inc. Settles Litigation ( CCNMatthews )
TELFORD, PENNSYLVANIA, May 16, 2005 (CCNMatthews via COMTEX) -- Environmental
Solutions Worldwide Inc. (ESW) (OTCBB:ESWW), announced today that all claims
against the Company in two separate actions that were pending in the Ontario
Superior Court of Justice have been discontinued.
Under the terms of the Minutes of Settlement the Company was not required to
make any payments to any party and received general releases from all parties in
both the Royal Extruders v. Environmental Solutions Worldwide et. al. and Bruno
Benjamin Liber v. Environmental Worldwide et al. actions.
David J. Johnson., ESW's Chief Executive Officer, President and Acting Chief
Financial Officer, commented, "the Company and our entire management team is
pleased that these matters have been resolved. The uncertainty that comes from
any litigation is both a distraction and detrimental to our customers, employees
and shareholders."
Mr. Johnson further stated that "the discontinuation of these matters coupled
with the dismissal by default without cost of the Gerardi Statement of Claim
seeking damages of $100,000,000 and punitive damages of $20,000,000 ends all
litigation that was pending against the Company. We are excited to have these
matters behind us, and for the Company to now be able to more acutely focus our
efforts in carrying out our business plan."
About Environmental Solutions Worldwide Inc.
With headquarters in Telford, Pennsylvania Environmental Solutions Worldwide is
a an ISO 9001:2000 certified publicly traded company engaged through its
subsidiaries in the design, development, manufacture and sale of environmental
technologies currently focused on the international automotive and
transportation industries. ESW currently manufactures and markets a line of
catalytic emission control products and catalytic conversion technologies for a
multitude of applications.
For updated information, please visit the Company's Web site at:
www.cleanerfuture.com
Safe Harbor
This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 (The "Act"). In particular,
when used in the preceding discussion, the words "pleased" "plan," "confident
that," "believe," "expect," or "intend to," and similar conditional expressions
are intended to identify forward looking statements within the meaning of the
Act and are subject to the safe harbor created by the Act. Such statements are
subject to certain risks and uncertainties and actual results could differ
materially from those expressed in any of the forward-looking statements. Such
risks and uncertainties include, but are not limited to, market conditions,
general acceptance of the Company's products and technologies, competitive
factors, the ability to successfully complete additional financings and other
risks described in the Company's SEC reports and filings.
CONTACT: Environmental Solutions Worldwide, Inc.
Investor Relations
1-905-850-9970
investors@cleanerfuture.com
Copyright (C) 2005, CCNMatthews. All rights reserved.
NEWS RELEASE TRANSMITTED BY CCNMatthews
-0-
INDUSTRY KEYWORD: EVT - Environment
SUBJECT CODE: LAW - LAW/LEGAL ISSUES
*** end of story ***
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